US-China trade deal, rate-cut bets power Hong Kong stocks to best week in 4 months
Bets on a US interest-rate cut in September increased, with the odds rising to 93 per cent from 64 per cent a week ago
The Hang Seng Index fell 0.2 per cent to 24,284.15 at the close on Friday, after rising as much as 0.6 per cent. Even so, the city’s stock benchmark advanced 3.2 per cent this week, the most since the first week of March.
The Hang Seng Tech Index slipped 0.1 per cent, bringing the rally this week to 4.3 per cent. On the mainland, the CSI 300 Index dropped 0.6 per cent and the Shanghai Composite Index slid 0.7 per cent.
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China, US slash most tariffs on each other after first round of trade talks
“The US-China trade truce adds another layer of fuel to the global risk-on rally,” said Stephen Innes, a managing partner at SPI Asset Management in Bangkok. “Two cuts are fully priced for this year, with the third halfway baked in.”